DBRS Morningstar Takes Rating Actions on 14 CPS Auto Receivables Trust Transactions

DBRS, Inc. (DBRS Morningstar) took rating actions on 58 outstanding ratings from 14 CPS Auto Receivables Trust transactions. Of the rated classes reviewed, DBRS Morningstar upgraded 20, discontinued 12 because of repayment, and confirmed 26. For the upgraded ratings, performance trends reflect credit enhancement levels that are sufficient to cover DBRS Morningstar’s expected losses at their new respective rating levels. For the confirmed ratings, performance trends reflect credit enhancement levels that are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

The ratings are based on DBRS Morningstar’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings, and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting, and servicing.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not participate in the rating process. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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